Graph Blockchain (CSE: GBLC) this morning announced the closing of its previously announced private placement. The company managed to raise $2.3 million under the non-brokered private placement.
The financing saw units of the company sold at a price of $0.08 each, with each unit containing one common share and one common share purchase warrant. Each warrant is valid for a period of eighteen months from the date of issuance and contains an exercise price of $0.10 per share.
Warrants are also subject to an acceleration clause, whereby the expiry can be accelerated in the event the equity trades above $0.15 for a period of ten consecutive trading days on a volume weighted basis.
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Proceeds from the financing are to be used to acquire additional miners, expand Graph’s infrastructure through an investment in Babbage Mining, as well as for general working capital.
Graph Blockchain last traded at $0.29 on the CSE.
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